FSI Unveils 2013 Advocacy Agenda

As we mentioned in our statement on election night, FSI urges President Obama to carefully consider the closeness of the election results as he evaluates his regulatory policy priorities for a second term. The next 13 months are critical for our members because, come January 2014, Congress will be back in re-election mode and will not tackle anything that could put their own re-election prospects in jeopardy.

As Washington shifts its collective attention to the fiscal cliff and tax reform, we must remain vigilant in our advocacy efforts. FSI’s influence in Washington, D.C. and in the states is strong and growing and we have many advocates in elected and regulatory positions that understand our needs and our importance to hard-working American investors.

At a high level, our advocacy agenda in 2013 will include:

  • Opposing the Department of Labor’s proposal to ban the earning of commissions on IRA advice by redefining the term “fiduciary”;
  • Supporting federal legislation that will ensure the ability of independent broker-dealers to classify their registered representatives as independent contractors;
  • Opposing SIPC efforts that are intended to make broker-dealers guarantors of investor losses;
  • Opposing regulatory efforts that will undermine the viability of money market mutual funds;
  • Opposing legislation designed to establish public pensions for private workers; and
  • Opposing efforts to adopt a securities transaction tax.

We look forward to working with our members, legislators and regulators on these priorities and others in 2013.